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Defaults Continue to Outpace Cures in MI Sector.
WASHINGTON -- Private mortgage insurers did $252.1 billion of primary new insurance in 2006, down slightly from production in 2004 and 2005. The industry also reported that new defaults substantially outpaced cures during 2006.
Members of the Mortgage Insurance Cos. of America wrote $212.6 billion of primary new insurance last year. The trade group consists of six of the seven private mortgage insurance companies active in the U.S. The seventh company, Radian, resigned as a member of MICA during 2003.
Radian's 2006 year-end earnings statement said that company did $40.1 billion in primary new insurance.
The cure/default ratio for the year is 79.9%, with 415,101 cures and 519,834 defaults, according to MICA. February and March were the only months where the cure/default ratio was over 100%.
By type, mortgage insurers did $161.2 billion in traditional and $91.6 billion in bulk.
The industry did $267.6 billion in primary new insurance in 2005, of which $183.7 billion was traditional and $83.9 billion bulk, and $263.8 billion in 2004, of which $216.2 billion was traditional and $47.6 billion was bulk.
MICA's ...
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Source: HighBeam Research, Defaults Continue to Outpace Cures in MI Sector.